Global Genetic Testing Market to Reach US$1.8 Billion by 2015, According to a New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Genetic Testing market. The global market for Genetic Testing is forecast to reach US$1.8 billion by the year 2015. Key factors driving market growth include growing incidence of genetic diseases, burgeoning demand for molecular diagnostics, aging population, and subsequent increase in incidence and prevalence of age-related diseases, such as diabetes. Increasing knowledge about the potential benefits in genetic testing has also been one of the prime reasons for the growth of genetic testing.

Genetic Testing: A Global Strategic Business Report

San Jose, CA (Vocus/PRWEB) January 11, 2011

Genetic testing represents the most rapidly expanding segment of the molecular diagnostics market worldwide. Molecular diagnostics is the fastest growing segment in the In-Vitro Diagnostics (IVD) market. Key factors fostering growth in the molecular diagnostics market include increasing awareness about human genome, newer technologies and innovation for accurate detection and faster screening. With increasing number of aging population globally, countries across the world face the challenge of preventing age-related diseases, such as cardiovascular diseases and diabetes. This indicates the requirement of new diagnostics, including genetic testing. Genetic testing, which of-late has been transforming itself from service-driven to product-driven market, is expected to provide an impetus to diagnostic companies for the expansion of their operations. Advancements in genetic testing field enable physicians to determine patients’ health at different stages of the diagnostic treatment process.

Growing incidence of genetic diseases unravels new opportunities for genetic testing. The market is likely to expand for screening the newborns, diagnosing rare and fatal disorders, and predicting the probability of occurrence of diseases, such as Huntington. Genetic tests for newborn screening are expected to expand immensely over the coming years. In addition, with advances in genetic testing procedures, tests would be focused on early detection of Alzheimer disease, hemochromatosis, breast cancer, colorectal cancer, diabetes in young people, and rare forms of amyotrophic lateral sclerosis. Genetic testing identifies finest cancer treatment for specific patients. Advancements in genetic testing, together with genetically engineered drugs, are expected to aid in tailoring personalized medicine for specific races, individuals, and families.

The US represents the largest market for genetic testing worldwide, as stated by the new market research report on Genetic Testing. Genetic counseling services are on the rise, specifically in the US. Presently, there are around 2,780 certified genetic counselors operating in the United States. Direct-to-Consumer genetic testing is expected to open new avenues in the US, for companies looking for areas to further expand their range of screening tests. DTC genetic testing method involves marketing genetic tests directly to consumers without involvement of independent healthcare provider.

The US is witnessing dramatic changes in the DNA-based testing industry, with the advent of transformational technologies, which are extending the scope of complicated genomic and genetic testing into clinical and medical laboratories, which conduct tests on individual patients for identifying genes linked to certain medical disorders.

The research report titled "Genetic Testing: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of the genetic testing market, current market trends, key growth drivers, new product innovations/launches, recent industry activity, and profiles of major/niche global market participants. The report provides annual sales estimates and projections for the global genetic testing market for the years 2007 through 2015 for the regions, including US, Canada, Japan, Europe, and Rest of World. The report also analyzes the US market for genetic testing by application type - Pharmacogenomic Testing, Prenatal and Newborn Genetic Testing, and Predictive Medicine. Also, a seven-year (2000-2006) historic analysis is provided for additional market perspective.

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.